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COMMENTS:
Voted : Not right, show some mercy
I thought that student loans could be forgiven if a disability makes someone unable to work. Maybe this simply wasn't applied for?
^ here is part of the article I read.
ROLAND, Okla. — The bill collector called when Clay Stanley, gaunt and suffering from AIDS, lay bedridden in his apartment, back from the hospital after a bout with a viral infection.
It wasn't about a car or credit card. The call concerned a matter Mr. Stanley, who is 39 years old, says he had long forgotten: student loans he took out two decades before. The private collector, acting on behalf of the U.S. Department of Education, said Mr. Stanley must pay $69 a month or the government would take a larger sum than that each month from his Social Security disability checks.
Years after a political outcry over high levels of student-loan defaults, the Education Department has become one of the toughest debt collectors around. Over the past decade, it has won a steadily expanding arsenal to wield against former students who don't repay.
The aggressive approach has sparked an outcry from some borrowers, consumer-advocacy lawyers and even some bankruptcy-court judges. They complain that the department runs roughshod over some former students who've suffered reversals of fortune. "Student-loan debt collectors have power that would make a mobster envious," says Elizabeth Warren, a Harvard Law School professor and bankruptcy specialist.
But I hope you are right skylab.
I need to do some more research on this.
The Sallie Mae spokesman, Tom Joyce, notes that the government will cancel a student loan only if a doctor signs a form saying the borrower is "totally and permanently disabled." Mr. Stanley says his doctor wouldn't. Without such a signed form, Mr. Joyce says, Sallie Mae's collection unit offers options "to get the loan back on track," and "if that fails, we have no choice but to refer the case" to a state guarantee agency or to the Education Department.
so yeah, I guess they do cancel it but with above conditions, I can actually accept that if a person returns to work he should pay, but I'm taking from the article that if a person is not permanently disabled, the loan won't even be deferred until the person returns to work, if he is able to in the future.
Voted : Other
Yes it's fine. We have far too many people in this country that take NO responsibility for their own actions.
"So what if I signed the paperwork, I don't have to pay" attitudes are ridiculous, and the biggest problem in this country today.
If a person is healthy and working yes of course they should pay if they agreed to, the person in above article should had been paying before he became disabled, but what good does it do to have someone living on the streets or go without proper care if they should become disabled. Even if it's deferred until the person is off disability, if he is fortunate enough to recover.
Voted : Sometimes loan companies deal dirty and dont give a sh*t about the damage they do
Be very careful of who you borrow from. A few years ago, I finished paying off a school loan completely, and then this year I get a bill from my school for the rest of my loan, a much greater amount than what I had taken out. It was my name, my address but the wrong social. If I had not caught that, I could be paying off a bogus loan. I am the only person by that name who ever went to that school.
ALSO, another school loan company called and told me I had finished paying off a different school loan and not to send them any more money. I told them I still had $150.00 to go. They told me I had miscalculated and the loan was paid in full. THEN they called my school and told my school I had refused to pay them the last $150.00. This wound up lowering my credit score. I think this was their way of getting back at me because I consistently refused to let them raise my payments. Slow and steady is my motto and that's how I paid off the loan.
A question: Do shoddy loan companies make a profit if you default on a loan? Do they collect a fee from the school or something? I was thinking maybe they get a kickback for reporting defaulters and this is why the dirty dealing from them.
^ Yeah I believe they do
Voted : Not right, show some mercy
Reading this ballot, larry, I'm reminded of a 60 Minutes features a few years back about student-loan deadbeats who were filthy rich. Doctors and lawyers and such, pulling down seven-figure salaries, driving luxury cars, believing with all their shriveled hearts that they shouldn't have to pay back a dime, because the "services they were providing the public" (this a direct quote from a *Park Avenue plastic surgeon*) more than relieved them of those debts.
^ I saw a similar program , could've been 60 minutes I can't remember. People were making hundreds of thousands of dollars and not repaying their student loans.
Voted : Wrong and it makes me SO MAD
That's just AWFUL. What a bunch of fu*king hypocrites. I paid off two BIG student loans in FULL on a minimum wage day care attendant salary, with no deferments. Hey, I was providing a public service, too. I was teaching kids right from wrong, manners and healthy eating; and the art projects I thought of for the kid's art classes won prizes in art fairs. What a bunch of stinking moochers. Those heart empty doctors are, many of them, I am sure, making the world a more beauitiful face by giving people prettier noses or bigger boobs or beefier pecs or what have you. That makes me so made. Rant, rant, rant, rant, rant , rant, rant.
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